The Chase Sapphire Preferred is definitely one the best travel reward cards to get for most people. But, what if you do not want to travel right now or you want just the points back as money instead? Well, here you go!
Turn the Chase Sapphire Preferred Offer into $1,250 of Credit
Link: Chase Sapphire Preferred 100K Point Offer (this is an affiliate offer that supports the site – thank you!)
Edit: If you go into a Chase branch, you can apply with one of their bankers to get the same offer with the $95 annual fee waived the first year and the $50 grocery credit from the previous offer. That equals $145 in more value from the public, online offer!
While you still can use Ultimate Reward points at a rate of 1.25 cents towards travel through the Chase Ultimate Rewards portal, there is an even better way to get those points turned into value. Enter the Chase “Pay Yourself Back” program!
Started last year during the beginning of the Covid-19 situation, Chase introduced their “Pay Yourself Back” program that let you use Ultimate Reward points to cover purchases made at grocery stores, dining establishments, and hardware stores and to do it at the same rate that you can use those points on travel through Chase.
This means that the Chase business Ultimate Reward cards and the Chase Sapphire Preferred card can turn each Ultimate Reward point into 1.25 cents in statement credits to cover purchases made at the above categories. If you have the Chase Sapphire Reserve, you can transfer those points over to that card and get 1.5 cents per point in reimbursement for purchases made at the above categories (but, you cannot have the Chase Sapphire Reserve card if you are just applying for this Chase Sapphire Preferred offer).
How to Use Chase Pay Yourself Back to Get 1.25 Cents Per Point Back
They have made this very easy to use! First, login to your Chase account, either on a computer or on your smartphone app. There you will see the option to Pay Yourself Back. This will show you the list of eligible purchases. Just go through and select each one you want to receive a statement credit for.
Note that the image above shows 50% because it is from my Chase Sapphire Reserve account
They have made this even easier by showing you the exact cost and the exact amount of points required to get the credit. Then you select if you want to refund it in full or partial for each amount. Then go ahead and submit it! In most cases, I get the statement credit the next day, if not, the day after that.
That’s it! After the purchases from those categories post, you have 90 days to pay yourself back. So, you could start spending on that card now and after the bonus posts, you can start paying yourself back – up to $1,250 worth, based on the 100,000 point bonus! Not bad at all, especially when you think of all the things you can get at grocery stores (my stores sell things like Amazon gift cards 🙂).
Thanks to Chase “Pay Yourself Back” you can turn this big 100,000 point bonus offer into $1,250 in statement credits for everyday spending at grocery stores, dining, and home improvement stores. This is a great way to get some money back in your pocket on your spending!
Yes, you will have to pay the $95 annual fee up front but I look at it this way – you need to spend $4,000 to get the bonus. That turns into at least 4,000 Ultimate Reward points that you can turnaround and use with this Pay Yourself Back program for a total of $50 – or more than half the annual fee.